First half 2013: Activity improvement in second quarter

* adjusted for currency and natural gas impacts

Air Liquide’s Board of Directors, which met on July 29, 2013, reviewed the consolidated accounts at June 30, 2013.

1^st half 2013 Group revenue was € 7,561 million, an increase of +0.4% compared with the first six months of 2012 on a reported basis and of +3.0% adjusted for currency and natural gas impacts. 2^nd quarter of 2013 revenue was up +5.8% on a same basis, compared with the 2^nd quarter of 2012, confirming the trend that was announced in the 1^st quarter of 2013.

Gas & Services sales came to € 6,885 million, up +3.5% for the 1^st half of 2013, adjusted for currency and natural gas impacts, with an increase of +5.6% in the 2^nd quarter of 2013. All regions reported growth. Europe notably benefited from the momentum of Large Industries in Russia and Ukraine and acquisitions in Healthcare; the Americas were lifted by demand for hydrogen, especially in the United States; and Asia Pacific saw unit ramp-ups and increasing volumes in Industrial Merchant in China. The rise in industrial production drove growth in Africa-Middle East.

Operating income recurring came to € 1,256 million. The operating margin improved slightly to 16.6%, supported by efficiency gains of € 138 million for the 1^st half of 2013, in line with the annual objective. Net profit Group share totaled € 752 million, stable excluding non-recurring expenses linked to the realignment programs in Europe. Cash flow at € 1,501 million, increased yet again, by +6.2%.

Benoît Potier, Chairman and CEO of the Air Liquide Group, stated:

“The operating performance for the first half of 2013 is positive and in line with our expectations. It is the result of the improvement in activity observed in the 2^nd quarter, boosted in particular by growth in Large Industries, Healthcare and the developing economies, as well as by the Group’s ability to control costs and generate substantial efficiencies.

The Group’s industrial investments and acquisitions in the first six months of 2013 reached more than one billion euros: focused on growth markets, they allow us to take leading positions.

The Group continues to adapt and to make the necessary adjustments to strengthen its competitiveness and pursue profitable growth over the long-term. Barring a degradation of the environment, Air Liquide is confident in its ability to deliver another year of net profit growth in 2013.”

Key 1^st half 2013 figures

* adjusted for currency and natural gas impacts

** stable excluding non-recurring expenses in Europe

Limited review procedures have been completed in relation to the consolidated interim financial statements, and an unqualified review report is in the process of being issued by the statutory auditors.